Company Quick Review | Net profit plummeted nearly 87%, internal control risks frequently exposed, Hongye Futures urgently needs multi-dimensional breakthroughs

Questioning AI · Overall industry growth, why does Hongye Futures’ performance decline against the trend?

Everyday Economic News Commentator Du Yu

On March 31, Hongye Futures (SZ001236) released its 2025 annual report, with net profit attributable to the parent company of only 3.9927 million yuan, a sharp decrease of 86.61% year-on-year, and a weighted average return on net assets of only 0.21%. After the performance turnaround in its first year listed on A-shares in 2022, the company once again experienced a significant plunge in net profit. Against the backdrop of the industry’s overall net profit increasing by 16% year-on-year, this domestic first “A+H” listed futures company’s report card inevitably draws sighs.

Hongye Futures’ total operating revenue in 2025 was 287 million yuan, down 20.53% year-on-year, significantly diverging from the overall industry growth trend. Looking at business segments, brokerage service net income from commissions was 167 million yuan, down 3.8%; customer deposit interest income was 47.4905 million yuan, plunging 44.37%; daily average customer equity decreased by 8.36% year-on-year; market share of trading volume was only 0.37%. The asset management business shrank dramatically to 1.06B yuan, a 93.43% decrease year-on-year; asset management revenue was 2.9866 million yuan, down 50.24%; risk management business profit was 8.8871 million yuan, more than halved. Multiple core indicators declined across the board, with self-sustaining capacity nearly exhausted.

Since listing on A-shares, Hongye Futures and its subsidiaries have been penalized at least six times by regulatory authorities. The author believes that, faced with continuous performance deterioration, widening gaps with peers, frequent internal control risks, and loss of shareholder confidence, Hongye Futures urgently needs to break through from multiple dimensions. In terms of brokerage, the company should focus on increasing customer equity scale and trading volume market share to reverse the decline of 8.36% in daily average customer equity; it can also learn from overseas peers’ experience to develop offshore financial services as a differentiated competitive advantage—this business grew 38.82% year-on-year last year, providing a certain foundation; additionally, optimizing customer fund utilization efficiency to ease the impact of a 44.37% plunge in interest income is necessary.

In asset management, the scale plummeted from 15.8 billion yuan to 1.06B yuan, a 93.43% decrease, reflecting dual failures in product competitiveness and channel capability. The company needs to reassess its asset management positioning, either shrinking its scope to focus on specialized strategies or introducing professional teams to rebuild research and investment capabilities, avoiding a spiral decline in “scale—revenue.”

In capital utilization, Hongye Futures raised nearly 700 million yuan through two IPOs. Last year, its ROE (weighted average return on net assets) was only 0.21%, indicating the lowest capital efficiency in the industry. The company needs to clarify its fund deployment, possibly expanding overseas business, increasing risk management scale, or pursuing mergers and acquisitions to enhance market share, transforming the listing platform into a driver for business expansion rather than an exit channel for shareholders’ reductions. Regarding compliance governance, the frequent penalties after management adjustments reflect that compliance culture has not yet taken root. It is necessary to establish a unified risk control system covering domestic and overseas operations, headquarters and branches, including employee behavior monitoring, branch management, and subsidiary coordination, to avoid further regulatory issues under a “long teeth and thorns” supervision environment.

Daily Economic News